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VRB Signs Final Agreement with Pinnacle VRB

July 28, 2004 by Jeff Shepard

VRB Power Systems Inc. (Vancouver, BC) announced that the company has entered into the final implementation agreement with its subsidiary, Pinnacle VRB Ltd., as a continuation to the heads of agreement announced May 27, 2004.

Under the terms of the agreement, VRB Power will acquire all of the patents to the VRB technology for North America and will obtain shared rights to patents in areas, including Europe, Africa and certain Asian countries. Also, VRB Power's obligation under the current African licence agreement will be cancelled and Pinnacle will settle the outstanding debt owed to VRB Power for payment of $750,000. In exchange, VRB Power will submit for cancellation all of its shares in Pinnacle.